The Korea Herald

US markets fall sharply after S&P downgrade

Aug 8, 2011

S&P downgrades Fannie, Freddie, other agencies linked to long-term U.S. debtNEW YORK (AP) — The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor's downgraded American debt and gave investors another reason to be anxious.Traders work on the
S&P downgrades Fannie and Freddie, US-backed debt

Aug 8, 2011

WASHINGTON (AP) — Standard & Poor's Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit
Major firms withdrawing from MRO business

IndustryAug 8, 2011

Amid rising criticism over an oligopoly in the market, Korea’s large businesses are to keep their hands off affiliates in charge of sourcing spare parts, stationery and repair services for office equipment. SK Group became the latest conglomerate on Sunday to step back from its lucrative procurement
SK launches campaign to prevent future hacking attempts

IndustryAug 8, 2011

SK Communications, which runs Nate and Cyworld, said Monday it will start a campaign asking its users to change their passwords to prevent a second possible security breach.Those who have not changed their passwords since the first security breach, which occurred in late July, must make the change t
Hyundai-Kia on way to grab 15% of U.S. market

TransportAug 8, 2011

Hyundai Motors and Kia Motors saw their market share in the United States reach nearly 15 percent in July, having already grabbed more than 15 percent for the mid-sized sedan segment there.The affiliated automakers posted 14.6 percent in market share for the American market with sales of 72,440 unit
U.S. rating downgrade clouds Korean economy

Aug 8, 2011

Stocks plunge; stronger won against U.S. dollar feared to hurt exportersFears of potential fallout from the U.S. credit downgrade quickly materialized in a Korean stock freefall on Monday. The drop reflected the panicky sentiment among local investors amid growing concerns about the overall Korean e
Cabbage prices fuel kimchi imports

IndustryAug 8, 2011

Imports of Korean staple rise by almost 40% on-yearAs prices of locally-produced napa cabbages soared, kimchi exports decreased by more than 10 percent this year, while imports increased by nearly 40 percent, government data found Monday. This year’s outbound shipment of kimchi amounted to 15,614 to
Banks’ foreign currency liquidity sound: regulator

Aug 8, 2011

South Korean banks have no problems with their foreign currency liquidity conditions, the top financial regulator said Monday, downplaying the significance of a regulatory probe into them.The Financial Services Commission and its executive body, the Financial Supervisory Service, have created a task
Household transport costs up 11% in Q1

Aug 8, 2011

South Korean households spent 11 percent more on transportation on-year in the first quarter due mainly to higher fuel and energy prices, central bank data showed Monday.Households’ transportation expenditures on a nominal basis reached 18.2 trillion won ($17 billion) in the January-March period, co
Spy agency to control cyber security

Aug 8, 2011

The Korea Communications Commission on Monday unveiled its master plan for cyber security, including expanding inter-governmental cooperation and triggering more participation of private experts, to deal with the rising security threat.The commission, together with 14 other governmental agencies, ag
Lotte Mart denies transfer of headquarters to China

IndustryAug 8, 2011

Lotte Mart struggled Monday to quell market speculation that the nation’s second-largest retail chain is considering moving its headquarters to China in the near future. According to news reports, Lotte Mart CEO Noh Byung-yong hinted at a potential move to China in a recent meeting with company offi
STX Heavy faces contract breach in Iraq

IndustryAug 8, 2011

Company reviewing contract on whether Iraq can legally retract accord on plantSTX Heavy Industries is in danger of losing a 3 trillion won ($2.8 billion) plant construction contract in Iraq due to political turmoil in the Middle Eastern country, industry sources and news reports said Monday. STX, wh
FKI under fire for lobbying activities

IndustryAug 8, 2011

The Federation of Korean Industries is facing mounting public backlash after the discovery that it pushed companies to lobby politicians to curb anti-corporate legislation.The country’s central mouthpiece for conglomerates was recently found to have paired some of the nation’s largest companies with
Asian stock markets sink after US credit downgrade

Aug 8, 2011

BANGKOK (AP) -- Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker
Seoul shares tumble on U.S. debt rate cut

Aug 8, 2011

Seoul shares tumbled to its lowest in almost two years on its first trading day since the historic cut of the U.S. credit rating Saturday, underperforming regional peers in Asia at the increased sovereign risk of the world’s most powerful economy. (Yonhap News)The benchmark KOSPI lost 3.82 per